November 26, 2022
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January slump has many of region’s stocks near 52-week lows

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The stock market downturn that brought the Nasdaq close to correction territory has taken its toll on tri-county companies, with more than a dozen trading at or close to a 52-week low at the close of trading on Jan. 19.

Among larger cap stocks of companies headquartered in the tri-county region, Olaplex, based in Montecito, was trading at $20.53, just slightly higher than its 52-week low of $20.37. The cosmetics firm fell about 1.5% on Jan. 19 after reaching a high of around $30 in early January. That’s tumble of $10 per share, or roughly 30%, in just a few weeks; the stock is down more than 10% since its IPO last September, but it still commands a market capitalization of around $13 billion.

Procore Technologies, based in Carpinteria, closed Jan. 19 at $66.29, but after hours was trading at a new low of $65. That’s down sharply from its high of $108.75 in July and well off analysts’ target estimates of $113. The company’s construction software gets high industry marks and it recently lured a Microsoft executive to its board, but with growth stocks out of favor it may be a long road for the company, which still has nearly $9 billion in market cap.

At around $317 per share, Deckers Outdoor Corp. is trading above its 52-week low of $276.70, but the Goleta footwear company fell 1.6 % on Jan. 19, extending a decline from $372 at the beginning of the year. Analysts have been lowering their consensus forecasts, which had been as high as $480. The stock topped out at $451.49 over the past year.

Apart from both being based in the Santa Barbara area, AppFolio and Sonos don’t have much in common, but they both are growth stocks and both neared 52-week lows on Jan. 19. Cloud software firm AppFolio, ranked 9th in market capitalization among regional stocks, closed at a low of $110.84 on Jan. 19; it has traded as high as $185 during the past year.

Home audio firm Sonos, ranked No. 10 in the region with a market cap of around $3.3 billion, closed at $26 on Jan. 19, a 3% drop and close to its 52-week low of $25.55. It has traded as high as $44.72 during the past year.

And No. 11 PennyMac Mortgage Trust, which is sensitive to interest rate fluctuations, came within a few pennies of its 52-week low, trading at $17.82 at the close on Jan. 19.

Other regional stocks trading near their 52-week lows on Jan. 19 included the dronemaker AeroVironment; Wetlake Village-based produce company Dole; Oxnard-based Mission Produce; the biotech company Arcutus; cosmetic surgery supplier Sientra; and Resonant, a hardware firm with dual headquarters in Goleta and Texas.